Annual Report 2019

ANNUAL REPORT 2019 245 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 March 2019 45. SHARE OPTION SCHEMES On 31 August 2012, the Company adopted a new share option scheme and the old share option scheme of the Company adopted on 28 August 2002 was expired on 28 August 2012 (collectively referred to as the “FECIL Share Option Schemes”). The FECIL Share Option Schemes were approved by the Company for the purpose of providing incentives and rewards to employees or executive or officers (including executive and non-executive directors) of the Company or any of its subsidiaries and business consultants, agents and legal or financial advisers who will contribute or have contributed to the Company or any of its subsidiaries. Under the FECIL Share Option Schemes, the board of directors of the Company may grant options to eligible employees, including directors of the Company and its subsidiaries, to subscribe for shares in the Company. Without prior approval from the Company’s shareholders, the total number of shares to be issued under the FECIL Share Option Schemes is not permitted to exceed 10% of the shares of the Company then in issue; and the number of shares issued and to be issued in respect of which options granted and may be granted to any individual in any one year is not permitted to exceed 1% of the shares of the Company then in issue. Options granted will be taken up upon payment of HK$1 by the grantee. Options may be exercised at any time not exceeding a period of 10 years from the date on which the share options is accepted. The exercise price is determined by the Directors of the Company, and will not be less than the highest of (i) the closing price of the Company’s shares on the date of grant; (ii) the average closing price of the shares for the five business days immediately preceding the date of grant; and (iii) the nominal value of the Company’s share. Share options were granted by the Company on 25 August 2006, 8 May 2009 and 27 March 2013, at an initial exercise price at HK$3.290, HK$1.500 and HK$2.550 per share respectively to directors and employees of the Company and its subsidiaries. At 31 March 2019, the number of options which remained outstanding under the FECIL Share Option Schemes was nil (2018: 1,500,000) which, if exercise in full, would represents none (2018: 0.07%) of the enlarged capital of the Company. Details of options granted are as follows: Options granted on 27 March 2013 Tranche 1 27.3.2013 to 28.2.2014 2.3.2014 to 28.2.2020 2.550 Tranche 2 27.3.2013 to 28.2.2015 2.3.2015 to 28.2.2020 2.550 Tranche 3 27.3.2013 to 29.2.2016 2.3.2016 to 28.2.2020 2.550 Tranche 4 27.3.2013 to 28.2.2017 2.3.2017 to 28.2.2020 2.550 The movements in the options granted to employees in aggregate during the two years ended 31 March 2018 and 31 March 2019 are as follows: Option type Date of grant At 1.4.2017 Exercised during the year At 31.3.2018 Exercised during the year At 31.3.2019 Tranche 1 27.3.2013 925,000 (700,000) 225,000 (225,000) – Tranche 2 27.3.2013 2,500,000 (2,200,000) 300,000 (300,000) – Tranche 3 27.3.2013 3,125,000 (2,750,000) 375,000 (375,000) – Tranche 4 27.3.2013 6,400,000 (5,800,000) 600,000 (600,000) – 12,950,000 (11,450,000) 1,500,000 (1,500,000) – Weighted average exercisable price 2.550 2.550 2.550 2.550 – Number of options exercisable at the end of the year 12,950,000 1,500,000 –